BY OLAPEJU OLUBI
Nigeria’s recent compliance with the dictates of the Cape Town Convention (CTC) on aircraft dry lease has begun yielding fruits as the country’s global rating has soared significantly.
A statement from the Aviation Minister’s Special Assistant, Media and Communications, Tunde Moshood, on Wednesday, revealed that Nigeria’s bold attempt to fully comply with the CTC and signing the Practice Direction, the Aviation Working Group (Co-chaired by Boeing and Airbus) has inspired the global lessors to immediately adjust the global score/rating of Nigeria on compliance status from 49 to 70.5.
“This is the largest score Nigeria has attained till date to give comfort to financiers and the leasing world.
“There is also potential for further increase in the next few weeks as the Minister has directed the NCAA to immediately adjust its administrative rules called IDERA to also fully align with the Convention to further boost the confidence of financiers and lessors across the world”,
Moshood said in the statement.
He added that in an email received on Wednesday evening, the Aviation Working Group in London and New York commended the Aviation Minister, Festus Keyamo, and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.
“They also said they are poised to further increase the score once Nigeria adjusts its administrative rules in the next few weeks and the courts actually begin to apply the Practice Direction”, he added.
